“Our internet monitoring has been closely watching the move of domestic crypto platforms since the ICO Ban and closure of fiat-to-token trading last September. Reacting to the government clampdown, platforms have moved offshore one after another since then, and they are all under closely surveillance. As to whether further regulatory measures will be pushed in the next step, we’re waiting for instructions from the higher authorities.”

The report said, Chinese regulators have noticed that domestic enterprises or individuals circumvent the surveillance on crypto trading by deploying servers abroad or getting registered offshore. Responding to it, Chinese regulators are undertaking strict scrutiny on the domestic bank account and online payment account of these people who help Chinese traders to participate in offshore crypto trading.

It indicates the latest move that signals Chinese regulators at the top are active in scrutinizing crypto trading and give priority to this issue full of risk and speculation.

The primary way to monitor the network is to close the entrance of a website, but it can be easily get around with a VPN service. While it is more efficient to monitor or freeze the crypto-trading-related bank account and payment account. India had previously taken such measure, an insider said.

A quick review of Beijing’s tough stance on quashing the crypto market

Last September, following the ICO (initial coin offerings) ban by People’s Bank of China (PBoC) with seven ministries, local crypto exchanges shifted overseas one after another. But the crypto mania goes on.

Feb.4, it was then reported that China will step up measures to remove any domestic or offshore cryptocurrency trading platforms by cutting the access to the websites of these platforms. Still, tech-savvy Chinese traders could bypass the block with the VPN services.

Sophisticated Chinese traders are able to bypass the block of crypto exchanges. Will further measures like block payment channel be unveiled in China?